![]() Overall, our net increase in subscription count accelerated in the quarter to over 21,700, with growth in all our product lines, including a healthy contribution from both Media Composer Enterprise and MediaCentral Flex based on the delivery of some key customer requested enhancements.Īs one customer example, NBCUniversal began their migration to subscription for both Media Composer and MediaCentral, which among other things, were used in their productions of the recent Winter Olympics and Super Bowl 56. Q4 was also another solid quarter for creative tools subscription growth with steady net subscriber adds as we continue to enhance the products, refine our go-to-market tactics and improve our customer experience capabilities. It continued to exceed our expectations, increasing our confidence that our enterprise customer base is ready to make the move to subscription and motivating us to make several additional products available as subscription during 2022, ahead of our initial plans. We delivered a great quarter again for enterprise subscriptions, which is now driving the second leg of growth for our overall subscription business. Now let me dig in a bit more and provide some specifics on each of these three areas. Overall, the strength in our subscription business, combined with the growing sales of storage and audio integrated solutions and stable maintenance revenue enabled us to end 2021 with strong Q4 performance and good momentum heading into 2022. AVID PRO TOOLS PRICE INCREASE 2019 FREEAnd finally, the strong revenue performance, combined with our continued focus on the business fundamentals and profitability resulted in very healthy EBITDA margin, net income and free cash flow. Next, the healthy demand for our solutions by new and existing customers, combined with our good overall execution, sustained our overall revenue growth trend. First, we had a very strong subscription quarter with accelerating enterprise subscription, which exceeded our expectations, along with continued steady and robust new subscriber additions for creative tools. During the fourth quarter, the three key takeaways of our business performance were the following. Let me now share some of the details with you. This strengthened our subscription business, combined with the growing storage and audio integrated solutions revenue and stable maintenance revenue allowed us to deliver continued improvement in profitability and strong free cash flow.ĭue to our strong Q4 performance, we beat our 2021 guidance for both subscription and maintenance revenue and total revenue and delivered non-GAAP EPS toward the high end of guidance, which I believe shows that our strategy is clearly working and will continue to provide benefits as we move into 2022. During the fourth quarter, we continued to exceed our expectations for adoption of subscription solutions by our enterprise customers, and we continued to see solid growth in subscriptions for our creative tools. I'm delighted to report that we ended 2021 with strong fourth quarter performance and good momentum heading into 2022. AVID PRO TOOLS PRICE INCREASE 2019 FULLThanks, Whit, and thank you for joining us to review Avid's fourth quarter and full year 2021 results. Jeff Rosica - Chief Executive Officer and President With that, let me turn the call over to our CEO and president, Jeff Rosica, for his remarks. For more information, including a discussion of some of the key risks and uncertainties associated with these forward-looking statements, please see our press release issued today in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. Our comments and answers to your questions on this call, as well as the accompanying slide deck may include statements that are forward-looking and that pertain to future results or outcomes.Īctual future results or occurrences may differ materially from these forward-looking statements. In addition, certain statements made during today's presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Unless otherwise noted, all figures noted by management during the call are non-GAAP figures except for revenue, which is always GAAP. ![]() In accordance with Regulation G, both the appendix to our earnings release today and our investor website contain a reconciliation of the most closely associated GAAP financial information to the non-GAAP measures and also definitions for the operational metrics used on this call and in the presentation. ![]()
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